The Global Economy Is a Time Bomb Waiting to Explode

Angelo

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...Rather than reconstructing a new foundation out of the wreckage, we simply restored the status quo ante, and left the world’s elite financial engineers with a relatively free hand to create a wide range of new destructive financial instruments...
3/11/19
The Global Economy Is a Time Bomb Waiting to Explode

From September, 2018...
BIS warns global economy risks crisis 'relapse'

Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method. Redistribution of wealth. Thom Hartmann Asks Professor Richard Wolff if these methods can be applied to the United States or if the billionaire class will let us stop the crashes before it is too late ?

"The White House has become a country club hangout for Wall Street executives."
Sherrod Brown ( on Seth Myers last night )
 
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Blackrook

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Redistribution of wealth seems to be the answer to any question you may ask, like:

"How do we stop global warming?"

OR

"How do we deal with it when robots replace human workers?"

OR

"How do we end white privilege?"
 

Golfing Gator

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Redistribution of wealth seems to be the answer to any question you may ask, like:

"How do we stop global warming?"

OR

"How do we deal with it when robots replace human workers?"

OR

"How do we end white privilege?"
OR

"how do we keep the farmers voting for the GOP"
 

georgephillip

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...Rather than reconstructing a new foundation out of the wreckage, we simply restored the status quo ante, and left the world’s elite financial engineers with a relatively free hand to create a wide range of new destructive financial instruments...
3/11/19
The Global Economy Is a Time Bomb Waiting to Explode

From September, 2018...
BIS warns global economy risks crisis 'relapse'

Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method. Redistribution of wealth. Thom Hartmann Asks Professor Richard Wolff if these methods can be applied to the United States or if the billionaire class will let us stop the crashes before it is too late ?

"The White House has become a country club hangout for Wall Street executives."
Sherrod Brown ( on Seth Myers last night )
Hyman Minsky saw 'it' coming in the wake of WWII:

http://www.levyinstitute.org/pubs/wp_659.pdf

"Stability is destabilizing.

"These three words concisely capture the insight that underlies Hyman Minsky’s analysis of the economy’s transformation over the entire postwar period.

"The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by institutional ceilings and floors.

"However, to the extent that these constraints achieve some semblance of stability, they will change behavior in such a way that the ceiling will be breached in an unsustainable speculative boom.

"If the inevitable crash is 'cushioned' by the institutional floors, the risky behavior that caused the boom will be rewarded. Another boom will build, and the crash that follows will again test the safety net.

"Over time, the crises become increasingly frequent and severe, until finally 'it' (a great depression with a debt deflation) becomes possible."

Minsky's insights had been largely forgotten by 2008. Even today, advocates of neoliberal economics continue to spread the lie that "free markets" are self-regulating in spite of an extensive shadow banking system of non-bank financial intermediaries functioning outside normal banking regulations.

 

Norman

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Yes, of course the crisis is nearing. Capitalism may be destabilizing, but let us look at the country that is at the top of today's bubble. Well damn, it's the communist China. Our stock market comes only second...

There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism. I have to say I am quite amused at how these Marxist use the word capitalism to refer to almost anything and everything. They still got many things right... for example neoclassical economists such as Krugman always being wrong, every time. However, such trivialities are obvious for anyone with a brain.
 
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Golfing Gator

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I have to say I am quite amused at how these Marxist use the word capitalism to refer to almost anything and everything.....
hmmm....when have we seen something like that happen with another word...like the word "socialism"...which is used to refer to almost anything and everything by a select group of people in this country.

it is a damn shame you cannot see the irony of you of all people making that post
 

Norman

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I have to say I am quite amused at how these Marxist use the word capitalism to refer to almost anything and everything.....
hmmm....when have we seen something like that happen with another word...like the word "socialism"...is is used to refer to almost anything and everything by a select group of people in this country.

it is a damn shame you cannot see the irony of you of all people making that post
Actually it's being used as a code word for anti-American. This was built as the land of the free, if that doesn't satisfy, you can always embrace the Venezuelan paradise.

But the Marxists are correct that the bankers should have been shipped behind bars after their royal fuck up.
 

danielpalos

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...Rather than reconstructing a new foundation out of the wreckage, we simply restored the status quo ante, and left the world’s elite financial engineers with a relatively free hand to create a wide range of new destructive financial instruments...
3/11/19
The Global Economy Is a Time Bomb Waiting to Explode

From September, 2018...
BIS warns global economy risks crisis 'relapse'

Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method. Redistribution of wealth. Thom Hartmann Asks Professor Richard Wolff if these methods can be applied to the United States or if the billionaire class will let us stop the crashes before it is too late ?

"The White House has become a country club hangout for Wall Street executives."
Sherrod Brown ( on Seth Myers last night )
solving simple poverty and raising the minimum wage could cure capitalism's boom and bust cycles.
 

georgephillip

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Yes, of course the crisis is nearing. Capitalism may be destabilizing, but let us look at the country that is at the top of today's bubble. Well damn, it's the communist China. Our stock market comes only second...

There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism. I have to say I am quite amused at how these Marxist use the word capitalism to refer to almost anything and everything. They still got many things right... for example neoclassical economists such as Krugman always being wrong, every time. However, such trivialities are obvious for anyone with a brain.
There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism.
Minsky and many others acknowledged the fundamental contradiction of capitalism which pits workers against capitalists in a never-ending struggle over wages. Workers who can't afford to buy products they help produce are left with only one option:

https://seekingalpha.com/article/4196931-state-american-debt-slaves-q2-2018


"Hyman Minsky's theories about debt accumulation received revived attention in the media during the subprime mortgage crisis of the first decade of this century.

"The New Yorker has labelled it 'the Minsky Moment'.[10][11]

"Minsky argued that a key mechanism that pushes an economy towards a crisis is the accumulation of debt by the non-government sector.

"He identified three types of borrowers that contribute to the accumulation of insolvent debt: hedge borrowers, speculative borrowers, and Ponzi borrowers."

Hyman Minsky - Wikipedia
 

Norman

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Yes, of course the crisis is nearing. Capitalism may be destabilizing, but let us look at the country that is at the top of today's bubble. Well damn, it's the communist China. Our stock market comes only second...

There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism. I have to say I am quite amused at how these Marxist use the word capitalism to refer to almost anything and everything. They still got many things right... for example neoclassical economists such as Krugman always being wrong, every time. However, such trivialities are obvious for anyone with a brain.
There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism.
Minsky and many others acknowledged the fundamental contradiction of capitalism which pits workers against capitalists in a never-ending struggle over wages. Workers who can't afford to buy products they help produce are left with only one option:

https://seekingalpha.com/article/4196931-state-american-debt-slaves-q2-2018


"Hyman Minsky's theories about debt accumulation received revived attention in the media during the subprime mortgage crisis of the first decade of this century.

"The New Yorker has labelled it 'the Minsky Moment'.[10][11]

"Minsky argued that a key mechanism that pushes an economy towards a crisis is the accumulation of debt by the non-government sector.

"He identified three types of borrowers that contribute to the accumulation of insolvent debt: hedge borrowers, speculative borrowers, and Ponzi borrowers."

Hyman Minsky - Wikipedia
This is dumb, the debt has declined relatively since the heights of 2008.

Get to the socialist Venezuela, wages are booming there.
 

georgephillip

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...Rather than reconstructing a new foundation out of the wreckage, we simply restored the status quo ante, and left the world’s elite financial engineers with a relatively free hand to create a wide range of new destructive financial instruments...
3/11/19
The Global Economy Is a Time Bomb Waiting to Explode

From September, 2018...
BIS warns global economy risks crisis 'relapse'

Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method. Redistribution of wealth. Thom Hartmann Asks Professor Richard Wolff if these methods can be applied to the United States or if the billionaire class will let us stop the crashes before it is too late ?

"The White House has become a country club hangout for Wall Street executives."
Sherrod Brown ( on Seth Myers last night )
solving simple poverty and raising the minimum wage could cure capitalism's boom and bust cycles.
solving simple poverty and raising the minimum wage could cure capitalism's boom and bust cycles.
Wouldn't that eliminate capitalism?

Marx 1844: Wages of Labour

"Wages are determined through the antagonistic struggle between capitalist and worker. Victory goes necessarily to the capitalist.

"The capitalist can live longer without the worker than can the worker without the capitalist.

"Combination among the capitalists is customary and effective; workers’ combination is prohibited and painful in its consequences for them.

"Besides, the landowner and the capitalist can make use of industrial advantages to augment their revenues; the worker has neither rent nor interest on capital to supplement his industrial income.

"Hence the intensity of the competition among the workers.

"Thus only for the workers is the separation of capital, landed property, and labour an inevitable, essential and detrimental separation.

"Capital and landed property need not remain fixed in this abstraction, as must the labour of the workers."
 

danielpalos

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Yes, of course the crisis is nearing. Capitalism may be destabilizing, but let us look at the country that is at the top of today's bubble. Well damn, it's the communist China. Our stock market comes only second...

There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism. I have to say I am quite amused at how these Marxist use the word capitalism to refer to almost anything and everything. They still got many things right... for example neoclassical economists such as Krugman always being wrong, every time. However, such trivialities are obvious for anyone with a brain.
There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism.
Minsky and many others acknowledged the fundamental contradiction of capitalism which pits workers against capitalists in a never-ending struggle over wages. Workers who can't afford to buy products they help produce are left with only one option:

https://seekingalpha.com/article/4196931-state-american-debt-slaves-q2-2018


"Hyman Minsky's theories about debt accumulation received revived attention in the media during the subprime mortgage crisis of the first decade of this century.

"The New Yorker has labelled it 'the Minsky Moment'.[10][11]

"Minsky argued that a key mechanism that pushes an economy towards a crisis is the accumulation of debt by the non-government sector.

"He identified three types of borrowers that contribute to the accumulation of insolvent debt: hedge borrowers, speculative borrowers, and Ponzi borrowers."

Hyman Minsky - Wikipedia
This is dumb, the debt has declined relatively since the heights of 2008.

Get to the socialist Venezuela, wages are booming there.
Venezuela is experiencing a crisis.
 

22lcidw

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...Rather than reconstructing a new foundation out of the wreckage, we simply restored the status quo ante, and left the world’s elite financial engineers with a relatively free hand to create a wide range of new destructive financial instruments...
3/11/19
The Global Economy Is a Time Bomb Waiting to Explode

From September, 2018...
BIS warns global economy risks crisis 'relapse'

Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method. Redistribution of wealth. Thom Hartmann Asks Professor Richard Wolff if these methods can be applied to the United States or if the billionaire class will let us stop the crashes before it is too late ?

"The White House has become a country club hangout for Wall Street executives."
Sherrod Brown ( on Seth Myers last night )
solving simple poverty and raising the minimum wage could cure capitalism's boom and bust cycles.
When the Federal Reserve was voted on and passed by the Congress under then President Woody Wilson's regime during the Christmas season in 1913 the owners of the private bank that prints our fiat currency spouted there would be no more recessions and depressions. We soon went to war and had a depression and another war. And another war.
 

danielpalos

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...Rather than reconstructing a new foundation out of the wreckage, we simply restored the status quo ante, and left the world’s elite financial engineers with a relatively free hand to create a wide range of new destructive financial instruments...
3/11/19
The Global Economy Is a Time Bomb Waiting to Explode

From September, 2018...
BIS warns global economy risks crisis 'relapse'

Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method. Redistribution of wealth. Thom Hartmann Asks Professor Richard Wolff if these methods can be applied to the United States or if the billionaire class will let us stop the crashes before it is too late ?

"The White House has become a country club hangout for Wall Street executives."
Sherrod Brown ( on Seth Myers last night )
solving simple poverty and raising the minimum wage could cure capitalism's boom and bust cycles.
solving simple poverty and raising the minimum wage could cure capitalism's boom and bust cycles.
Wouldn't that eliminate capitalism?

Marx 1844: Wages of Labour

"Wages are determined through the antagonistic struggle between capitalist and worker. Victory goes necessarily to the capitalist.

"The capitalist can live longer without the worker than can the worker without the capitalist.

"Combination among the capitalists is customary and effective; workers’ combination is prohibited and painful in its consequences for them.

"Besides, the landowner and the capitalist can make use of industrial advantages to augment their revenues; the worker has neither rent nor interest on capital to supplement his industrial income.

"Hence the intensity of the competition among the workers.

"Thus only for the workers is the separation of capital, landed property, and labour an inevitable, essential and detrimental separation.

"Capital and landed property need not remain fixed in this abstraction, as must the labour of the workers."
No. Capitalism doesn't work without Government. Solving for Capitalism's natural rate of unemployment is merely solving for that capital inefficiency.
 

georgephillip

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Yes, of course the crisis is nearing. Capitalism may be destabilizing, but let us look at the country that is at the top of today's bubble. Well damn, it's the communist China. Our stock market comes only second...

There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism. I have to say I am quite amused at how these Marxist use the word capitalism to refer to almost anything and everything. They still got many things right... for example neoclassical economists such as Krugman always being wrong, every time. However, such trivialities are obvious for anyone with a brain.
There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism.
Minsky and many others acknowledged the fundamental contradiction of capitalism which pits workers against capitalists in a never-ending struggle over wages. Workers who can't afford to buy products they help produce are left with only one option:

https://seekingalpha.com/article/4196931-state-american-debt-slaves-q2-2018


"Hyman Minsky's theories about debt accumulation received revived attention in the media during the subprime mortgage crisis of the first decade of this century.

"The New Yorker has labelled it 'the Minsky Moment'.[10][11]

"Minsky argued that a key mechanism that pushes an economy towards a crisis is the accumulation of debt by the non-government sector.

"He identified three types of borrowers that contribute to the accumulation of insolvent debt: hedge borrowers, speculative borrowers, and Ponzi borrowers."

Hyman Minsky - Wikipedia
This is dumb, the debt has declined relatively since the heights of 2008.

Get to the socialist Venezuela, wages are booming there.
This is dumb, the debt has declined relatively since the heights of 2008.
Consumer (private) debt has not declined since 2008:

https://seekingalpha.com/article/4196931-state-american-debt-slaves-q2-2018

"Total consumer credit - or less soothingly, consumer debt - rose 4.8% in the second quarter from a year earlier, or by $176 billion, to $3.87 trillion (not seasonally adjusted), the highest ever, according to the Federal Reserve.

"This includes credit card debt, auto loans, and student loans, but not mortgage-related debt.

"Given how passionate Americans normally are in spending money they don't have, that 4.8% increase is moderate: In 2011, increases exceeded 11%."
 

Tehon

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As a Marxist - a real live Marxist, he's a professor in it and does lectures advocating it - he's no doubt hopeful for the worst.
Pretending it isn't going to happen won't help.
 

Norman

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Yes, of course the crisis is nearing. Capitalism may be destabilizing, but let us look at the country that is at the top of today's bubble. Well damn, it's the communist China. Our stock market comes only second...

There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism. I have to say I am quite amused at how these Marxist use the word capitalism to refer to almost anything and everything. They still got many things right... for example neoclassical economists such as Krugman always being wrong, every time. However, such trivialities are obvious for anyone with a brain.
There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism.
Minsky and many others acknowledged the fundamental contradiction of capitalism which pits workers against capitalists in a never-ending struggle over wages. Workers who can't afford to buy products they help produce are left with only one option:

https://seekingalpha.com/article/4196931-state-american-debt-slaves-q2-2018


"Hyman Minsky's theories about debt accumulation received revived attention in the media during the subprime mortgage crisis of the first decade of this century.

"The New Yorker has labelled it 'the Minsky Moment'.[10][11]

"Minsky argued that a key mechanism that pushes an economy towards a crisis is the accumulation of debt by the non-government sector.

"He identified three types of borrowers that contribute to the accumulation of insolvent debt: hedge borrowers, speculative borrowers, and Ponzi borrowers."

Hyman Minsky - Wikipedia
This is dumb, the debt has declined relatively since the heights of 2008.

Get to the socialist Venezuela, wages are booming there.
This is dumb, the debt has declined relatively since the heights of 2008.
Consumer (private) debt has not declined since 2008:

https://seekingalpha.com/article/4196931-state-american-debt-slaves-q2-2018

"Total consumer credit - or less soothingly, consumer debt - rose 4.8% in the second quarter from a year earlier, or by $176 billion, to $3.87 trillion (not seasonally adjusted), the highest ever, according to the Federal Reserve.

"This includes credit card debt, auto loans, and student loans, but not mortgage-related debt.

"Given how passionate Americans normally are in spending money they don't have, that 4.8% increase is moderate: In 2011, increases exceeded 11%."
Private debt relative to GDP has declined.

Go preach your Marxism elsewhere.
 

georgephillip

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...Rather than reconstructing a new foundation out of the wreckage, we simply restored the status quo ante, and left the world’s elite financial engineers with a relatively free hand to create a wide range of new destructive financial instruments...
3/11/19
The Global Economy Is a Time Bomb Waiting to Explode

From September, 2018...
BIS warns global economy risks crisis 'relapse'

Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method. Redistribution of wealth. Thom Hartmann Asks Professor Richard Wolff if these methods can be applied to the United States or if the billionaire class will let us stop the crashes before it is too late ?

"The White House has become a country club hangout for Wall Street executives."
Sherrod Brown ( on Seth Myers last night )
solving simple poverty and raising the minimum wage could cure capitalism's boom and bust cycles.
solving simple poverty and raising the minimum wage could cure capitalism's boom and bust cycles.
Wouldn't that eliminate capitalism?

Marx 1844: Wages of Labour

"Wages are determined through the antagonistic struggle between capitalist and worker. Victory goes necessarily to the capitalist.

"The capitalist can live longer without the worker than can the worker without the capitalist.

"Combination among the capitalists is customary and effective; workers’ combination is prohibited and painful in its consequences for them.

"Besides, the landowner and the capitalist can make use of industrial advantages to augment their revenues; the worker has neither rent nor interest on capital to supplement his industrial income.

"Hence the intensity of the competition among the workers.

"Thus only for the workers is the separation of capital, landed property, and labour an inevitable, essential and detrimental separation.

"Capital and landed property need not remain fixed in this abstraction, as must the labour of the workers."
No. Capitalism doesn't work without Government. Solving for Capitalism's natural rate of unemployment is merely solving for that capital inefficiency.
No. Capitalism doesn't work without Government. Solving for Capitalism's natural rate of unemployment is merely solving for that capital inefficiency.
"No Banks without States, and no States without Banks."
https://www.amazon.com/dp/B00GMSUUVS/?tag=ff0d01-20
 

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